transformational wealth for would-be entrepreneurs and others, right? so they can play a bigtime role long beyond what they're doing right now. i also shared the story of palmer lucky who, ironically enough, is tinkering with some old headsets in the garage, 16 years old, raised $2 million and a year later facebook bought the company for $2 million. that's when they changed the name to meta. they took, they were brilliant observations, they took copious notes, and they really embraced me and show me tremendous appreciation, so i walked away from there feeling so great. and when the stories are told about these kids in the future, it won't be cautionary tales, it'll be how people should follow their lead are. liz: follow your lead, my friend. you are an inspiration. i'll tell you who's not happy right now, meta. breaking news, the apple effect is in effect. it may be wearing off that the tech world is still vibrating after the big unveil of apple's

vision pro mixed reality headset. the stock hint a record high right out of the gate. the record high, $184.95. right now it's up a third of a percent if at 181 and change. after waiting seven years for apple to unveil a vr headset, here it is. you know, you guys can take the full screen here because i think our viewers really want to see is it all fill the screen. the apple faithful got their first official eyeful of the apple vision pro during the company's annual world worldwide developer conference which i believe might still be going on or is just finishing up here. a hint of what was to come, it opened with a coder who was chasing a gigantic bubble through an urban obstacle course, jumping all over buildings, through all kinds of walls, and then it was chasing this bubble, and then he jumps right on the bubble. maybe we can show that to you in just a moment here. but as we watch all of this

happen, it is controlled by your eyes, your hands and your voice, and you can also see through it. you can place apps where you want and launch new apps would want losing the ones you were using, all on a huge virtual screen. all right. here, listen to tim cook. >> introducing apple vision pro. ♪ >> vision pro is a new kind of computer that augments reality by seamlessly blending the real world with the digital world. it's the first apple product you look through and not at. liz: apple's step through the passageway into the virtual world is the company's first big product release since the apple watch back in 2015 is which you may remember quickly became the best selling wearable device. now, you're looking at some of the apps and some of the tablets here, and as you continue i want to flip it over to meta which has hit earlier a 52-week high

and then reversed. it has turned around, it is down half a percent. now, apple's stock behavior, folks, this is what we usually see on these big unveil days, it will move higher up ahead of the event, and once something is announced, it turns red. but the question is, you know, meta beat apple to the punch. last week it unveiled its newest, slimmest headset priced at $499, but, you know, you see those hand -- [laughter] things, you know? what are they called, kenny? they're called controllers. so as we look at what the pricing is here, i'm not sure apple has revealed the price at the moment, but the vv headset -- vr headset by meta is 499. can apple squeeze out the competition with its new toy? let's bring in two luminaries, phil hip shoemaker -- phil hip schumacher. they showed that the headset

could be controlled by your hands, your eyes and your voice. give me your gut reaction. >> it's amazing, right? i mean, the controllers were always one of these things that you had to hunt around especially if you put one down on the meta quest, you'd be hunting around for it blinded because you got something blocking your eyes, so the ability to be able to leverage this with your voice, your eyes and your hands, i mean, it's a game-changer for the industry. liz: game-changer for the industry. and let's give people some breaking news here. apparently, hundreds of apps are going to be available as soon as the actual product becomes available. spatial facetime, voices can come out, facetime, and they will come out from the tiles. so i think what's interesting here is it's anything at least if apple is promoting this, it's anything but isolating because you can actually see through it. what kind of advantage does it give it over all of the other headsets that might be out there? >> you know, it's extremely painful playing with meta

devices when they did not have that pass-through, right? pass-through, to me, makes everything different because you can easily with one click, with one movement, you can clear the way behind you so you're not totally immersed. you can see people walking around you, you're not tripping over furniture. that's one of the big things when everything's blinded, is that you can't see your surroundings, and people fall over and crash into walls. so, look, i think it's a big thing, and it's going to be really exciting to start playing with this thing. liz: price, everybody. we've got the price. $3,499. that's a full 3 grand more than meta's quest 3. is that going to be prohibitive, do you think, phillip, when you're considering the fact that we are heading into a slight economic slowdown here? >> yeah, that price is really difficult to swallow, right? that $1500 price tag are from previous devices were okay,, the $500 # price tag that

metadisease r has is nice, but apple's got to get that price down. the form factory, it's a higher price for a variety of reasons, especially the size. that's the biggest issue. they will, right, over time, moore's law, we will ultimately get thinner, faster, and the price will come down. those could be a few years down the road. yeah, i think it is a difficult pill to swallow, but this is the exciting thing, apple always makes premium products. they don't mind having a premium price tag, and developers will buy it because they ultimately see this thing skyrocketing. and so developers are going to get their hands on it for $3500 and start making magic. liz: phillip, stand by. we're bringing in an analyst at asimko, he's considered by fortune to be the ultimate apple analyst. horace, give me your gut reaction and thoughts to this new vision pro which, by the way, everybody thought it was going to be called the reality pro. not the name. vision pro, $3,499. >> absolutely amazing product.

i stood just watching it live here with about 500 other developers, and there was a palpable sense of excitement and electricity in the crowd as we saw the feature reveal, especially eyesight. that was really a surprise for a lot of people. there were rumors, but nobody really believed they could pull it off. the vision name is brilliant, the price is a little bit high. that was a bit of a shock, i think. but, again, the audience is developers right now, there's 30 million in the world developing for apple, so i think plenty of those are going to buy this product right off the bat. liz: okay. the developers, let's talk about them. you know, we're waiting to see -- now, apparently more than 100 are going to be ready with different apps once this thing is out on the market. and, again, this is just moving at the moment. we're trying to figure out when actually it's going to be available.

this is a little unusual, horace, because it's almost like apple is saying it might be a little buggy, this is sort of the first attempt, so we're going to be working on this. that doesn't usually happen with apple which loves to put out a pristine and perfect product. >> absolutely the opposite, you're right. what's happening here is that we're seeing a platform get born. and apple has learned its lesson from microsoft. you've got to bring in the apps9 and the killer apps are going to be developed by developers, not apple itself. so rather than seeding the market with millions of products and getting developers interested in that platform because so many users are there, it's doing the opposite. it's actually going to look for thousands of developers to build compelling apps and then bringing in the millions of users. this is kind of, again, the rule book or the playbook for microsoft's historic development process. it is an interesting decision they made especially contrast to

meta which kind of dose the other way. but i think think the right decision because, actually, nobody knows the killer apps, and i think the imagination and creativity of millions of developers are going to actually discover this. as happened with the iphone where the killer apps turned out to be social media that didn't exist in 2008. liz: gotcha. phillip, disney shares also made a big move. if we can show an intraday, they began to move higher in a volume spike which i think is really interesting here. bob iger suddenly becomes one of the featured guest during the worldwide developers ' conference. he comes out swinging saying disney+ will be immediately available upon the launch of vision pro. what does that mean? i mean, it just shows that apple really had its act to together here as it wanted to make sure it checked a bunch of boxes that would make this something that people, at least if they have the money, would be able to scoop up. >> yeah, that's right. and tim and bob have had a

longstanding relationship, and so this makes a lot of sense for this to happen. but the announcement is great especially because there's still a lot of work to be done on the device. but this allows apple to start being able to bring this through tsa, you know, they hand carry these to all the developers to introduce it to them and have them start playing with it. you know, the special developers get their hands on it. so this announcement has made it a lot easier for apple to be able to go from developer to developer to show them the product and get their support. we're just going to see more and more of this over the next few months. liz: could we show again the video where the demonstrator is using her touch? because you don't have controllers in your hands like with the quest 3. you use only your vision, your touch and and your voice is. your fingers, you know? it's like a hand signal here. and as you look at this, apparently it is going to be available starting next year. so it's going to be a while before these things start coming

off the assembly line. horace, give us your best shot on what it does for the stock in the, i guess, the 6-month term. >> six months, i don't think we'll see a lot because we do expect the developers to be working on the -- in the next few months to try to come up with sort of the launch suite of productses or apps. i do think, however, the market's going to come around to realizing that apple is on the cusp of dominating yet another use or interface that they, you know, that they mentioned that when the mouse came, it was about the os, when the touch came, it was about ios. and now when we have 3-d immersive experiences, the emphasis is on the os. i think the developers also hinting on what they're working on, we're going to see a reaction, a positive reaction overall. a lot of cynicism is going to fade, and i do believe a lot of

the enthusiasm we've seen already is going to come back, and we're going to see a climb yet e again in enthusiasm and optimism for this share. this stock is probably going to reach new highs in the next six months. liz: well, it certainly did intraday. the intraday high, $184.95. it has pulled back by about 1.5% to $178 and change. gentlemen, great to have your vision and your perspective on this brand new vision pro which is, boy, that is, that is one hell of a price point. three times, more than three times what, you know, the quest is over at the meta labs. so what we see here is $3,499 for this thing. i'll be really interested to see how many people step up to buy that. apple's choppy trading notwithstanding, the s&p 500 needs a gain of 10 points to exit the longestest bear market since 1948. plus, will they or won't they? what is the federal reserve's next move at the big interest

rate-setting meeting next week? closing bell ringing in 48 minutes. dow jones industrials down 164. the s&p down 10. we need to be up 10. bulls, get it up there. and the nasdaq down 32. we're in the red, but "the claman countdown" is in the green for you. stay tuned. ♪ siness premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the ink business premier card from chase for business. make more of what's yours.

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liz: please take into account as you see this red on the screen, the fact is we had a boffo day where we had huge moves in the markets to the upside on friday p. so the major averages have given up all their earlier gains, the dow is down 153, the s&p down 8, the nasdaq lower by 18. the russell down 23.

now, the dow is on track to snap a 2-day winning streak. session low, a loss of 209 points. intel's powerful negative drag. the chipmaker at the moment at the very bottom of the dow heat map, down 4%. apple did announce its macbook pro will be power by apple silicon, expected to bring, quote, breathtaking visuals to its laptops. so this completes the no more intel inside if relationship that intel once had with apple. earlier apple did help boost the s&p 500 to at 9-month high. the index needs to finish up 10.07 points to exit the bear market. right now we're down 6 of.7 -- 6.79 points. the s&p 500 entered a bear market on june 13th of 2022. hit the bear market low on october 12th of 2022. and here we are up 19% from that point. nasdaq hitting a new 52-week

high earlier today before turning negative. the tech-heavy index's big winner on the session, palo alto networks. that stock is on the move to the upside because, here's the news, it's going to replace dish networks in the s&p 500 effective june toth -- 20th. so you have palo alto up nearly 5%, dish reversing, down the 2.6%. investors are also digesting a fresh piece of data that anticipates a slight cooling in the services sector. the ism non-manufacturing index expanded at a slower pace than expected, and its prices paid come appropriate, this is an indication of inflation, it actually fell to its lowest level in more than three years. but do not forget the may waiver report showed major -- labor report showed 339,000 jobs during the month. which side will the fed read? what will the fed do at its interest rate-setting meeting next week? the fed funds futures market show a pricing of 78.2% chance

of a pause, just 21.8% of a 25 basis point hike. i'm going to ask, is the market delusional or spot on, and should the right answer affect the moves you make when it comes to your portfolio? let's get right to the floor show. join me now, jpmorgan's jack manly and cetera investment management's gene goldman. gene, the data are mixed. we got this great jobs number. then you get a slight cooling with the ism non-manufacturing index. how do you think the fed reads it if and -- and maybe that is why we start to see the markets turn a tinge red here. >> liz, thanks for having me on your show. you're right, the markets were bop -- boffo earlier today. we continue to believe the fed will pause at the next fed meeting next week, and there's multiple reasons why. number one, we are likely headed to recession. the data today was not that

great. inflation is slowing down, which is great, and markets are optimistic about that, but they're not pessimistic around the fact that economic growth is slowing pretty quickly. also the market -- the fed's done a great job to guide the market in terms of where the fed funds rate will be. the markets are now at 5.06. the other thing i look at is we are in the quiet period for the fed, but jay powell seems pretty relaxed. he was at the grateful dead concert all weekend, is he's relaxed, i'm relaxed, and i think the fed pauses next week. liz: okay. jack, i know you think there's going to be a pause. i do think it's going to be a 25 basis point hike. powell not afford to take this chance that he stops too early in the attempt to cool down inflation. but that said, should people be making decisions based on what the market thinks the fed will do? >> yeah, liz, first of all, i completely agree there is almost

a reputational risk component to this conversation, and you have to kind of remove the should they or shouldn't they and focus more in on the will they or won't they. the will they do think it's sort of a toss-up at this point. the should they says probably not. to your point, when it comes to positioning in this environment, the thing that i like to focus in on, and this is true whether or not we get a hike next week, is that we are very, very close to the end of this hiking cycle. we know that inflation is turning over. we know we are in a now-firm period of disinflation. even if you look at the most recent jobs report, there is evidence that things are cooling off beneath the surface. liz: what evidence do you see, gene, when you look at the 10-year yield, the 2-year, the treasury yields earlier, i believe, were moving higher, but in this market, you know, per second things are changing. and what message does that give you? we do have the 2-year, 4.47%. >> so the 2-year is a great proxy for the fed funds rate --

liz: liz exactly. >> and clearly, that's pricing in the fed will be raising rates but then pausing a little bit. we still think it's going to be a pause at the next meeting. the big, key report is cpi on tuesday, june 13th. we still have a pce deflater last week, services, hotel, airfare, leisure, all those inflation readings came down. that's going to work its way into that cpi report. we think the fed has enough evidence to pause it, and our fed monitor says -- liz: by the way, speaking of hotels, we have the ceo of marriott international coming up in just a few minutes. i cannot wait to see what he says, jack. where would you be putting your money? you're at jpmorgan, global strategist, what is your best shot here? >> yeah. right now even with the sort of question on fed policy, i'm a little bit overweight to duration and fix income, leaning more into fixed income relative

to equities. i'm a long-term bull, liz, but when you're looking at where valuations are in the stock market, it does feel possible we're a little bit ahead of our skis. so a little bit tilted to fixed income, into duration to capture that sort of fed pause eventually turning into a pivot. i think that's where you want to be as a portfolio strategist. liz: all the nay say naysayers -- naysayers said the s&p was going to look bad this year, up 19% year to date. opec+ kingpin saudi arabia pledging more production cutses sending oil prices higher. how is that going to translate to prices at the pump during the summer driving season? jeff flock is at the pbf refinery in new jersey with some answers for you. closing bell, 37 minutes away with. there's jeff standing by at the refinery in his suit. i like it. yes, the leathernecks and jeff flock. dow jones industrials down 154, s&p down 5. the nasdaq, flat. could it turn positive in just a

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liz: okay, i am keeping an eye on apple because apple is the most heavily weighted name in the s&p 500. apple, which had been up close to 2% earlier, down just under 1% right now. that is bringing the s&p and the dow jones industrials down. we've got it down 171 points for the dow. s&p, well, we're lower by about

7 points. the nasdaq down 7 points. let's look at some individual stock names you need to hear about. spotify is hitting a nice note with investors at this hour. shares of the streaming service up 2.8% after the company announced plans to slash 200 jobs specifically in its podcast division. the job cutses which represent about 2% of spotify's work force come as the company focuses on partnerships with top podcasters who come at a very hefty price. hence, layoffs. let's look at the tesla shares. boy, did they get a jolt earlier. they hit a 7-month high, still up about 1.33%, just off the highs of the session here after data from the china passenger car association showed that sales ticked higher there for the month of may. tesla's china-made evs rose 2.4% month over month and 142% year-over-year. big sales number here, 77,695

cars. tesla shares currently at $216.85. let me give you the 52-week low, $so 101 -- 101. they've come a long way. despite e general motors' commitment to go all electric by 2035, the automaker plans to invest more than $1 billion in two michigan manufacturing sites to produce next generation heavy duty gasoline and diesel-powered trucks. the heavy-duty trucks which include the chevy silverado hd and gmc sierra trucks are among the most profitable vehicles. the money from those sales will in turn be used to fund gm's investments in and transition to electric vehicles. gm shares down about a third of a percent but off earlier lows. well, those of you still driving internal combustion vehicles will likely have to pay a higher price at the pump this summer after saudi arabia said at yesterday's opec if +meeting it's going to slash oil output by an additional one million

barrels a day. that starts next month. looking at the price of crude, off the highs of the session but, boy, it had jumping above $73 a barrel. we have it at $71.97 in the after market. let's take it live to jeff flock in paulsboro, new jersey, at an energy refinery. it's never enough for those opec guys, is it, jeff? >> reporter: they keep trying. they keep cutting, liz, but the last two times gas prices not only didn't go up, they went down. maybe they know what they're doing. as you know, gas prices right now are pretty moderate. $3.55, the average gallon of regular in the u.s. that's been that way for the last month, and it's a whole lot cheaper than it was this time last year which was pushing $5. at the opec meeting in vienna, it was a contentious -- sometimes these are rubber stamp events, stuff that's already been decided. not this time. the saudis were trying to twist

arms, department get it done -- didn't get it done. they said we'll cut ourselves, and they did by a million barrels a day. that comes after two cuts in this past october and then again a surprise cut in april, 3.6 million in total barrels a day. that makes with the current cut 4.6 million barrels out of production. you'd think that would drive up prices but, again, not so sure. we talked to a fellow who's got a lot of experience in the energy field who says he thinks the saudis this time are playing hardball. listen. >> it was down to $68 a barrel on friday. and i think the saudis are panicking. the saudis, the russians will create, stir the pot and make sure prices go higher than lower. >> reporter: that's what he thinks, and maybe he's right. i tell you, if you look at the u.s. rig count in the u.s., baker hughes says less than 700

rigs in the u.s. if you're looking for more production here, that's down 15 rigs just in the last week and 70 plus rigs since december. although worth noting that in the last month for which we have data, the biden administration, during the term of the biden administration, the most oil produced in the u.s. since it took office. so, you know, a little bit here, a little bit there. asked for commented today at the white house -- comment today at the white house, what do they make of this saudi move? here's what they said. >> we're going to make sure there's a balance between supply and demand. you see the price of oil was not dramatically affected by this announcement of these additional cuts, and price of gasoline continues to come down. >> reporter: they said earlier that they're concerned at the biden administration not about a barrels, but about price at the pump if. problem is, you know, there's some relationship between the cost of a barrel of oil and prices at the pump. maybe they're betting there'll be a recession.

if we get a recession, maybe the demand for, you know, gasoline goes down and maybe prices don't get affected but then, of course, we'd be in a recession. that wouldn't be so good either. liz: can't have it all, jeff. >> reporter: that's true. i found that in life, and i've tried many times. [laughter] liz: hey, keep trying. >> reporter: it just never seems to work. liz: jeff, thank you so much. whether driving or flying somewhere fabulous this summer, travelers need lodging. we are about to get the state of the hotel industry from the ceo of the world's largest hotel company, marriott international. anthony camp llano about to give us the demand picture in north america, europe, china post-reopening. closing bell, 25 minutes away. the dow down 176. we are coming right back, don't go away. ♪ ♪ when covid hit, we had some challenges. i heard about the payroll tax refund that allowed us

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liz: one of the lingering impacts of march's banking crisis is tighter lending standards. while that has hit many sectors, an area truly feeling the heat is actually hotel development. we keep talking about commercial real estate. hotel development specifically. look at this, according to data shared with reuters. since march 59 of the 98 u.s. hotel projects that broke ground or were in preconstruction have been paused due to funding concerns. what else happened in march? silicon valley bank went under. but that has not stopped the world's largest e hotel chain from building. besides expansion plans across the world, marriott just announced the launch of its 32nd brand, project mid-e, and, that's sort of the d mid-ex. it's going to be an extended stay option and could be the has hospitality company's least expensive offering in the u.s. and canada, but can marriott secure the funding it needs?

here in studio ceo tony capuano. anthony, great to have you here. >> thanks for having us. liz: what about that? what is the atmosphere like right now for an international company like yours trying to launch a huge new brand, and it's really tough to get lending. >> it's fascinating. had you asked me that a year ago, i would have said look at all the challenges to getting shovels in the ground. interest rate environment, challenges with the supply chain, construction costs. most of those have faded. our partners tend to be long-term investors, they understand that interest rates are going to ebb and flow, construction costs are going to ebb and flow. the single biggest challenge today is the availability of construction debt. and as you point out, the regional banking system was a huge generator of debt for hotel loans. so it is challenging. there are loans being with being generated. those loans that are out there ten to be focused on two principal criteria,

sponsorship -- does the developer have a demonstrated track record of performance -- and what is the brand affiliation. and that's one of the reasons even in this challenged environment we have some is measure of comfort in our ability to launch a new platform like this. liz: are you seeing that sort sort of fear or that chill across the lending span? space internationally? i ask that because i was on your web site today. the st. regis is a gorgeous property in boar rah boar are -- bora bora. i am sure internationally, don't they all have a custom problem or situation? >> well, it varies by market. so europe is most like the u.s. in terms of needing conventional debt financing for new construction projects. across most of asia, across most of the middle east they ten to be more funded by equity only. so we have less of a challenge in those markets. liz: do you blame the fed or do

you look at the fed and say we couldn't sit there and leave rates at zero for so long? >> well, most certainly we couldn't survive in a system with free money forever. we can debate the timing and the free -- frequency of rate increases, but again in terms of its impact on our business, our investors are long-term investors. they can manage increases in interest rates. what is more challenging for them to navigate is uncertainty in the banking system. and right now what they're hearing from many lenders is we think we're relatively financially sound, but we don't know what regulations may be coming down the pike, and so we're going to be thoughtful and we're going to be prudent, and we're going to hold off on making new loan commitments. liz: that said, despite the fact that it may be harder to get loans, people are dying to travel. you look at the airline industry, there are some new numbers out, and it appears that people are hopping on flights,

and they expect to do so this summer. in fact, the air transport association's annual meeting, they announced that the global airlines more than doubled their 2023 profit forecast. from 4.7 billion to 9.8 billion because of such strong demand. >> well, there's -- any questions anybody had about the resilience of travel, i think, have been answered over the last year or two. and if you look at our company's performance in 2022, strongest ebitda performance in our 96-year history. strongest quarter in the first quarter of this year, again, in our 96-year history. and what's really encouraging to me, it's across every demand system we serve and gee ography. liz: and also your stock. i noted that in april of 2020 -- of course, everybody was struggling, you were shut down. that must have been panic-inducing. you took over in 2021, but look at the stock since then. it has -- i wouldn't say a straight shot, but it has really performed unbelievably well.

i want to talk about china. >> sure. liz: how's the performance in china? everybody looks to different metrics, oh, are they importing or exporting, everyone has their own alchemy of how they figure out whether or china's reopening. look at all your properties there. >> so in our industry the metric we use is revenue per available room. the good news in greater china, it's essentially recovered to pre-pandemic levels particularly in mainland china. where there is still upside for us, about 70 or 80% of that recovery is domestic chinese travel. if you look at international airline seats, only about 40% have recovered. so as more and more air lift capacity returns cross-border both inbound and outbound to china, we expect significant improvement in performance in that market. but even just relying on domestic travel we're already

back to pre-pandemic performance. liz: tony, before we go, hottest location right now that you can see. >> oh, gosh. well, i think certainly for the summer some of the traditional western european destinations, italy, greece, france. and interestingly, japan. as the japanese borders open, japan is a very hot destination. liz: good to see you. please come back. >> anytime. thanks for having me. liz: marriott international's tony capuano. 32 brands. fantastic, thank you. cryptos and crypto-related stocks, this is a pretty major story here. they are plummeting after the securities and exchange commission sued crypto exchange binance and its ceo. it is sending reverberations throughout the entire sector. charlie gasparino has has breaking details on that next. closing bell, 13 minutes away. dow slightly off the lows of the session, down 165. we are coming right back. ♪ ♪

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commingling billions of dollars worth of user funds. charlie gasparino has the details. but first he has news about not president jpmorgan ceo jamie dimon. >> well you know you heard it first on the claman "countdown" last week. we first reported that jamie dimon is not going to run. the way i phrased it jamie dimon wants to be president but he doesn't want to run for president. that is exactly what we heard today. actually the firm last night issued a statement to me personally because we broke the story that jamie is not intending to run for president now and maybe never. you heard it here first on the "claman countdown." wanted to get that little bit of housekeeping out of the way before we get to binance this is a big story in a sense that binance is a major exchange of crypto. these charges are described to me of crypto crackdown round number two. that is something we were foreshadowing on

"the claman countdown" that there is going to be another crackdown on crypto, that gary gensler, sec chairman is basically cracking the whip at the enforcement division to bring more crypto cases on everything from exchanges who he believes violate fiduciary, violate the law. in this case it was a, the allegation is along the lines of what went down on ftx, commingling of customer funds, maybe using funds in other areas of the business like a hedge fund. he is looking for all of that. again, securities, crypto coins that are un, sec believes are unregistered securities, those cases are coming. from what we understand, this is just the beginning. again this is part of crypto crackdown round two, liz. there will be a lot more cases coming, because the chairman is demanding it. that is how the things develop. the enforcement division is nominally independent. it generally reflects the agenda of the chairman. in this case the agenda of the chairman involves a crackdown on

crypto. i think it is fair to say gary gensler believes the biggest issue facing small investors now is fraud in the crypto industry he believes it is wild west of investing. some would say meme stocks pumped on social media. amc is a thousand dollar stock and people filing in only losing 90% of their money. most people would say that is bigger story. i will tell you that gary gensler believes this is a big story on crypto. you will see a lot more. liz, you mentioned it before. bitcoin is down 5%. that is kind of muted. you would think it would be down more but this type of stuff adds to the uncertainty in the market. how many other cryptos are going to be declared securities? well ethereum be declared a security? could bitcoin? i don't think bitcoin will because gary gensler said publicly that is the only one he

thinks is a security. if you have others attacked by the sec with enforcement action this redown to impact on negatively on prices of bitcoin as well. you get a flight to quality. if you're in crypto this is a pretty perilous time. keep an eye going on what is going on enforcementwise. keep watching claman countydown. that is what we do well here. liz: you sure do. bitcoin down 6%. he was the guy decided to go to twitter i don't like what is happening at ftx. now he is accused of commingling, the whole thing is a little worrisome. charlie, thank thank you very mh charlie gasparino. closing bell four minutes away. apple looked like it was on track for a record close. sir pro, the new headset babe blurred investor love for apple. you have the big unveil here.

they never mentioned once a.i. or the metaverse through all of that. the dow extending its losses. dow jones industrials extending losses of down 209 points. we're down 183. intel choppy after a early tech powered rally. where do you go from here if you want to play tech but want stability, warren buffett's berkshire hathaway overtaken tesla market cap, with combined market cap of class a, class b shares of $600 billion. tesla close at 575 billion. berkshire class b shares are only up 6% year-to-date, our "countdown closer" says stick with buffett, if you're not with buffett, go with buffett. joining me capwell chairman chief investment officer tim

tim, b shares in the 300s you like it here? >> i do. warren buffett and berkshire they're very, very disciplined. at one point last week before they cut the budget deal and debt ceiling i think warren buffett had more cash than the united states treasury. so they're going to, they are going to earn, two years ago they were earning 50 million on the cash. now it is over seven billion and he will find all kinds of ways to deploy that in the new environment that we're headed into. liz: and there are some companies under the berkshire umbrella. , more than 70, something like five of those if they were spun off they would be fortune i don't know 500 companies, even bigger than that. so as we look at what is really the driver here, he is the largest shareholder of apple stock. apple's stock hitting an earlier record high of 100, 180?

let's see. i want to check it, it came off that. $184.95. warren buffett said only day you won't buy apple is when it is up. he only buys when it is down. what do you like about apple like berkshire oh all picture? >> i like his play in occidental petroleum. classic buy straw hats in the winter. he continues to acquire, i think he is over 25% holder now of occidental. you can always count on him to focus where everybody else is looking the other direction. you know you mentioned apple. i think his cost in apple from the bulk of when he purchased it in 2016 was somewhere around $25. so you know, when you have big dollars like he has to invest, you have to have big ideas and you have to be committed to them this systemic purchases and that's what he has done very

well. >> tim -- >> -- those operating companies too. liz: tim, really quick what do you think the fed will do and announce on wednesday, a week from wednesday? >> if they don't stand pat because they don't think the economy is cooling but because they have tremendous challenges raising a trillion dollars they depleted that will be its own form of quantitative tightening. maybe a substitution for the increase in rates. it is hard to say what they will do but they have a lot of challenges. [closing bell rings] liz: always hard to say what they will do. tim, thank you very much. the dow snaps a two session win streak. s&p and nasdaq let's call it too close to call. i will be comfortable with that "kudlow" is next. ♪. larry: hello, folks, welcome to "kudlow", i'm larry kudlow. so the fbi finally briefs house oversight chair jame